INAC 313 — Accounting Crossword Challenge

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Across
  1. 2. The application of a change in accounting principle to prior periods, when required by accounting standards.
  2. 5. An accounting change that occurs when the companies or entities included in consolidated financial statements change.
  3. 7. Funds spent to acquire, improve, or extend the useful life of long-term assets.
  4. 9. Employee benefits payable after the completion of employment, such as retirement pensions.
  5. 10. Philippine Accounting Standard that deals with employee benefits, including pensions and other post-employment benefits.
  6. 11. The systematic allocation of the depreciable amount of a tangible asset over its useful life.
  7. 12. A rule or method used by an entity to recognize, measure, and report transactions in its financial statements.
  8. 15. The failure to include required information or a transaction
  9. 16. Investments and other resources held by a pension fund to pay retirement benefits to employees.
  10. 17. A method of preparing operating cash flows that starts with net income and adjusts for noncash items and changes in operating assets and liabilities.
  11. 18. Retirement payments or other retirement compensation provided to employees.
  12. 19. The present value of expected future pension benefits earned by employees based on their service to date.
  13. 20. A financial statement that reports cash inflows and outflows classified into operating, investing, and financing activities.
Down
  1. 1. An approximation of an amount in financial statements based on available information and assumptions.
  2. 3. These benefits are employee benefits, other than post-employment benefits, that are not expected to be settled wholly within 12 months after the end of the period in which employees render the related service.
  3. 4. Cash flows involving the purchase and sale of long-term assets and investments.
  4. 6. Cash flows related to the principal revenue-producing activities of a business.
  5. 8. Cash flows related to obtaining and repaying loans and transactions involving owners' equity.
  6. 10. An omission or misstatement in financial statements from an earlier reporting period.
  7. 13. The application of a change or revised estimate to the current and future periods without restating prior periods.
  8. 14. The process of correcting previously issued financial statements to fix a material error.